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LAW 122 - class 1 .docx

4 Pages

Law and Business
Course Code
LAW 122

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Why study law?  business success is affected by key decisions -e.g. product, pricing, marketing, etc  Virtually every business decision caries some risk  Decisions have legal consequences o Negative-dump waste into the river o Positive-bind party to promise Managing legal risks 1. Ldentify risks 2. Evaluate risks 3. Respond to the risks Forms of risk management 1. Risk avoidance Withdraw dangerous product 2. Risk Reduction Modify product to reduce danger 3. Risk shifting Buy liability insurance for losses caused by danger 4. Accept the risk Do nothing Examples of risk management  Insurance o Liability ins o Property ins  Exclusion clauses o Limit liability by contract  Incorporation o Limited liability of shareholders Intro to the legal system -The nature of law  Rules vs. laws o all laws are rulers but not all rules are laws e.g. a sport’s rules are not laws  Morality vs law o Moral wrongs are informally punished e.g. damaged reputation o Legal wrongs are formally punished e.g. jail or payment of damages Morals- personal values-is it the right thing to do? Laws rules that the court will enforce - society’s values - right to do it Ethical perspective 1.1 Page 6 Facts – a canoeist tips his boat and falls into the water. He screamed for help. I was nearby in my motorboat. Do I have to try to rescue him/her? -In moral I will rescue him/her -By law I should fine a right person to rescue him/her Sources of Law -Hierarchy of sources of law” 1. Constitution 2. Legislation 3. Courts The Constitution (宪法)  Constitution act, 1982  Basic rules for Canadian society, including its legal and political systems  Highest source of law  Very difficult to amend o Require consent of: -Parliament; and -2/3 of all prov. With at lest 50% of population - Division of power  Constitution divides powers between: o Federal Gov’t o Provincial Gov’t  Federal Gov’t powers (s. 91) o Crime, bankruptcy, copyright, national defense, banking, Indian affairs, foreign affairs, international trade, etc.  Provincial Gov’t powers (s. 92) o Property rights, education, municipalities, civil rights, corporations, etc.  Note: Fed. Gov’t holds residual powers-topics not allocated to provinces (e.g. telecommunication, air travel)  Ultra Vires Legislation o Laws created outside a gov’t’s authority are of no force of effect (section 52) -Charter(宪章) of rights & freedoms  Constitution act, 1982 (includes carter)  Charter’s intent was to protect basic rights and freedoms from gov’ts -Charter remedies S.2 Fundamental freedoms (page 15) S.2 Everyone has the following fundamental freedoms: a. Freedom of conscience and religion b. Freedom of thought, belief, opinion and expression, including freedom of the press and other media of communication c. Freedom of peaceful assembly; and d. Freedom of association S.6 Mobility rights s. 6-1 Every ctizen
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